Charles Potts is a recognized leader in financial technology with 25+ years of hands-on experience in building, growing, leading and nurturing organizations. In addition to starting his own companies, Potts’ ability to achieve profitable revenue growth and exceed business objectives in a combination of start-up, early-stage and public-companies has landed him Executive roles at Jack Henry, Goldleaf, Fiserv and most recently First Performance, where he led the start-up's Business Development activities. His expertise in mergers and acquisitions, corporate strategy, business development and product management as well as his international leadership success brings important insights to investors and management teams on crucial matters dealing with the evaluation, integration and deployment of financial services and emerging payments-related technologies with a key focus on digital and mobile channels and their related operational efficiencies.
A frequent industry speaker and author, Potts is an active member and former board member and past president of The Association for Financial Technology Providers (AFT), former director for The Financial Managers Society and former board member of PROFORMANCE. Potts currently serves on the advisory boards of several start-ups.
From day-to-day operations, to the very relationship between insurers and policy-holders, it is no exaggeration to say that connected insurance represents the biggest potential for transformation that insurance has witnessed since the invention of the computer. See, for example, the ability of an insurance carrier to react to live data, in real time, and prevent a loss from occurring. From simply mitigating the effects of a loss, they now become partners in risk-prevention.
The current focus on connected product development is rooted in the need to achieve customer-centricity. In an increasingly competitive, technology-driven market, insurance carriers must continually innovate to deliver connected products and services that resonate with customers and provide what they need, rather than what the insurer can offer. Likewise, as technology develops and the digital distribution of insurance products increases, product development itself must become similarly agile and responsive.
Squeezed between decreasing profit margins, increasing customer expectations and greater competition, however, all insurance companies find themselves in a potentially make-or-break position; innovate or die.
Yet while technology represents insurers’ best chance at outstripping competitors in terms of product development, efficiency and customer experience, with so many new technical possibilities available (many of which are relatively unexplored), there is also ample opportunity for them to overspend and underdeliver. To provide some clarity, Insurance Nexus recently interview over 300 executives to understand where insurance companies are concentrating their efforts to improve connected product and service innovation, who is responsible for these projects, and how things are expected to progress in the future.
In the course of our research, it was striking to note the degree of importance with which executives are now viewing connected insurance innovation. 50% of respondents believe that CEOs and Heads of Strategy must take the lead in connected product development; a clear indication that innovation is rightly regarded as an enterprise-wide undertaking.
Our results also suggest that insurers recognise the scale of these projects, and that in many cases, they do not have the required competencies in house; 54% confirmed that leveraging the expertise of external technology partners and insurtechs has been of greater value than relying solely on in-house talent.
On the subject of departmental collaboration, the results show that data and analytics departments feature heavily in connected product innovation. This is significant principally because the success of the AI and machine learning systems that underpin so much of connected products, is predicated first and foremost on data, both volume and quality. If insurers can maximise the potential of the data they already posses and then intelligently insert aspects of AI (as opposed to hastily implementing an AI system and feeding it on poor quality, invalid or disparate data), they will see the greatest results.
One particularly eye-catching statistic was that over half of respondents claim that their most successful channel for communicating product development and new services is by word of mouth. Although initially surprising to us in the digital age, this will be of great comfort to marketing teams everywhere since it tends to support the idea that product development should begin with the customer and their needs. If those needs are met, customers are showing themselves willing to become brand ambassadors themselves, a particular boon to insurers in such a saturated marketplace.
This infographic was created in association with Insurance Nexus’ upcoming Connected Insurance Europe Summit, taking place 15-16 May 2019, at the Novotel Amsterdam City Hotel, Amsterdam, The Netherlands. Welcoming over 350 senior executives from across departments, the event will provide organisations with the necessary strategies and insights to transform each core pillar of product development, strategy & innovation and communication of value to the customer. For more information about Connected Insurance Europe, please visit the website, https://events.insurancenexus.com/connectedeurope, or get in touch.
Nearly two-thirds of millennials and Gen Z express a preference for brands that have a point of view and stand for something. As customers demand a more personalised and meaningful relationship with the brands of their choice, it is imperative you have a clear brand purpose and if not, you reinvent your strategy.
Brands such as Burger King and Millennium Hotels and Resorts will discuss how they ensure their marketing messages hit the right note with their audience and ensure they stay ahead of the curve during Incite Groups free webinar, 14:00 GMT 3rd April.
Marketing leaders contributing include:
Hear how these brand leaders are:
(FYI - if you can't join live, Insurance Nexus will send you the recordings if you register).
The Incite Group is a business intelligence company devoted to helping large corporations serve their customers better.
Incite Group is part of FC Business Intelligence Ltd, a registered company in England and Wales - Registered number 0438897. 7-9 Fashion Street, London, E1 6PX, UK.
You’re Invited – Join the Atlanta Chapter of the BayPay Forum on February 19 for a 2019 Fintech Legal and Regulatory Panel Discussion
February 1, 2019
Authored by: Bryan Cave Leighton Paisner
On Tuesday, February 19, from 6-8:30 pm, the Atlanta chapter of the BayPay Forum will meet at Bryan Cave Leighton Paisner’s offices in Midtown Atlanta for a networking reception and panel discussion on the state of fintech regulation.
Start 2019 on solid footing with an engaging panel discussion reflecting on regulatory responses to faster payments, open banking/APIs, blockchain applications and ICOs, and other innovations. Panelists will include Dick Fraher, Vice President and Counsel to the Retail Payments Office at Federal Reserve Bank of Atlanta; [TBD], Securities & Charities Division, Office of the Georgia Secretary of State; Ben Robey, BSA/AML Compliance Specialist at MSB Compliance, Inc.; and Ken Achenbach, Partner at Bryan Cave Leighton Paisner, and the panel will be moderated by Barry Hester, Counsel at Bryan Cave Leighton Paisner. Details and free registration are available here using the passcode BRYANCAVE.
Participants will take away product and service design implications and a better understanding of the consumer protection, safety and soundness, jurisdictional, other policy issues at play. Discussion will address, among other issues:
Bryan Cave Leighton Paisner LLP is pleased to have been the host of the Atlanta chapter of the BayPay Forum since its formation in 2014. The BayPay Forum was established in 2005 with 20 executives meeting at Stanford University as a thought leadership community in banking and payments innovation and now has over 17,000 members globally.
I have always been a hopeful optimist about the trajectory of women, but as the number of women reaching the top just hasn’t made the progress I expected, I have become much less accepting of the status quo. How can it be that we still aren’t seeing faster progress for women across the world and in every industry?
And yet, in the past 12 months it does feel like we are finally seeing an attitude shift, even if it is not yet the big change needed to truly unlock the talent the financial services industry needs. We have seen new laws on female board representation and governments and regions legislating that companies must publish detailed comparisons of gender pay data. And I am delighted to see many organizations - including PayPal and Accenture - publishing clear targets for inclusivity- not just guidelines or goals but tangible targets to be hit.
The facts are simple and clear. Report after report from esteemed and respected sources globally has confirmed that diverse businesses are happier, more profitable and more successful, yet we still see a substantial gap in all forms of diversity.
In 2018, I launched Rise Up at Money20/20 in Las Vegas. Rise Up is a curated leadership academy for aspirant female talent in our industry. It is a 4-day program in personal leadership and development. It tackles, briefs and equips women in a world where getting seat at the table in some companies remains challenging, and it helps women who, more than ever, want to be connected to women just like them to form supportive, connected networks.
In the U.S., only 27.8 percent of senior level positions in the financial services industry are held by women, according to Mash & McLennan Companies. The figure drops to 19.8 percent when analysing board positions and plummets to 1.4 percent for female CEOs.
In Asia, there are huge disparities on gender inclusivity. The recent INSEAD study of 1557 of the largest listed companies across 20 Asian countries highlighted that women occupy just 12.8 % of board seats across Asia. There are substantial differences across the region - Australia and New Zealand lead with 24.7% and 21.7% respectively - whereas Taiwan, Japan and South Korea range between 2% to 7%.
The global financial service industry is undeniably undergoing massive change. There really is a money revolution, with many predicting that the next 5 years will unleash more seismic shifts than the previous 5. The industry’s needs are changing rapidly and it is thirstier than ever for innovation, creativity and leadership talent. This is why it is so vital that we unlock all available talent to support the incredible growth opportunities in the sector.
It’s for these reasons that I am extending our highly successful programme Rise Up to Money20/20 Asia. Rise Up is not simply facilitating another conversation on gender imbalance, but rather providing a solution and steps to real-world action. We do this in five ways:
I am excited and eagerly looking forward to welcoming our first 2019 Asia Rise Up cohort to Singapore.
May they go far.
The article is written by Tracey Davies, Managing Director at Money20/20. Money20/20 is where the world’s decision-makers from across the Financial Services, Payments and Commerce community unite to grow their business, learn about the latest commercial models disrupting their value chains, create new partnerships and discover the future of money.
On 19-21 March 2019, Money 20/20 Asia will take place at Marina Bay Sands in Singapore. You’ll get access to real-life case studies, insights, stories of successes and failures, workshops and more that will enable you to understand the ways in which you can evolve your business to grow across Asia and beyond. Find out more on https://asia.money2020.com/
With 2018 witnessing unprecedented advances in the investment and deployment of artificial intelligence within the insurance industry, Insurance Nexus is delighted to announce that the Insurance AI and Analytics USA Summit will return to Chicago for a sixth time in 2019, welcoming more than 450 senior attendees to the Renaissance Chicago Downtown Hotel, May 2-3.
Featuring an agenda designed to tackle the biggest challenges and opportunities in AI and advanced analytics, Insurance AI and Analytics USA is a must-attend for any analytics, underwriting, claims or marketing innovators seeking to both achieve efficient and seamless operations and deliver valuable and relevant products and experiences.
“It’s impossible to open a magazine without seeing hype about analytics changing every aspect of your life,” says Will Dubyak, VP Analytics for Product Development & Innovation, USAA. “The Insurance AI & Analytics USA Summit is the optimal place to cut through the noise, hear the latest thinking from industry leaders in analytics, and compare best practices with your colleagues”
Across three in-depth tracks, more than 40 expert speakers from leading North American carriers will explore and discuss the latest strategies and approaches being deployed to maximize the impact of AI, machine learning and advanced analytics across the insurance value chain.
Featuring a whole session dedicated to case studies, the practical retelling of success stories will ensure attendees discover how, and where, technological innovations are having the biggest impacts on insurance and walk away with a holistic roadmap for success.
Confirmed speakers so far include Tilia Tanner, Global Head of Analytics, AIG, Eugene Wen, VP of Group Advanced Analytics, Manulife and Jerry Gupta, SVP, Digital Analyst Catalyst, SwissRe, as well as:
Attendees to Insurance AI and Analytics USA will also become part of a truly international insurance community, with over 25 hours of networking and interactive discussions aplenty. In addition, our ‘Open Design Workshops’ will see attendees attempt to live-solve industry challenges, giving insight into how peers and competitors alike approach a challenge, and how their own methods might be improved.
“At QBE, we’ve spent a great deal of time figuring out how we can strategically deploy artificial intelligence in practical use cases to drive immediate value for business,” states Ted Stuckey, Managing Director, QBE Ventures. “We’re excited to share some of our experience at the Insurance AI and Analytics Conference in Chicago on May 2-3!”
In short, however you are seeking to leverage AI, Insurance AI and Analytics USA is the event for you. Don’t miss this unparalleled opportunity. Join us in making 2019 the year AI insurance changes, forever.
Ira Sopic
Insurance Nexus is part of FC Business Intelligence Ltd. FC Business Intelligence Ltd is a registered company in England and Wales. Registered number 04388971, 7-9 Fashion Street, London, E1 6PX, UK
Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of the insurance industry.
It is generally accepted that for insurance to match the majority of customer-facing industries in terms of customer service, omnichannel engagement and personalized products, insurers must undertake a series of radical organizational and technological transformations.
Of course, to effectively acquire customers, offer them personalized products and seamless service requires careful analysis of data from which insights can be drawn. However, the chief challenge to insurers’ effective use of analytics is data quality, or lack thereof (Insurance Nexus’ Advanced Analytics and AI survey).
This may, in part, be due to the evolving nature of data and our understanding of how its changing qualities impact how we use it. It stands to reason that the nature of data should alter over time; as technology changes and different data sources emerge, so the characteristics of data evolve. Despite this, while discussions about the proliferation of data are commonplace, considerations about the changing nature of data itself are less so.
Insurance Nexus spoke to three insurance data experts, Aviad Pinkovezky (Head of Product, Hippo Insurance), Jerry Gupta (Director of Group Strategy, Swiss Re Management (US) Corporation) and Eugene Wen (Vice President, Group Advanced Analytics, Manulife), for their perspectives on what each generation of data mean for insurance today, and how subsequent generations will influence insurance tomorrow.
Read the whitepaper today for insights into: